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EMCOR Group Inc (EME) Fair Value & Analysis

Industrials · US · Market cap $33.4B · ISIN US29084Q1004

What is EMCOR Group Inc really worth?

EG EMCOR Group Inc logo EMCOR Group Inc EME · US
Price$741.32
Fair Value$549.47
Upside−25.9%
Quality66/100

A solid business, but trading 35% above our fair value of $549.47.

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Strengths

Healthy Growth (revenue 5y +14.1 %/yr)
Low debt · generates free cash flow
Wide moat 69/100

Risks

!Thin margins · 7.5% net margin
!Mixed vs. peers (8/15)
!Weak on dividend: 4 out of 100

For context

·0.18% dividend yield
Evidence: High Range $354.03 – $685.33

Fair value as of: Aug 29, 2026

From 26 valuation models · updated 7 days ago

Share price −9.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case ($685.33). The favourable scenario is already priced in.
  • Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range ($354.03 to $685.33) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

$943.26 $95.03 Fair Value $549.47 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range $95.03 – $943.26 · fair‑value band $354.03 – $685.33 · the $741.32 price screens above the $549.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

EMCOR Group Inc (EME) currently trades at $741.32, while our model-based Fair Value estimate is $549.47, implying the stock looks roughly 34.9% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of $586.85 per share, and 1 of the 26 models we run sit above the $741.32 price. Bear case: the Asset-Based group reads lowest at $55.39, and 25 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, EMCOR Group Inc generated revenue of $17.7B at a net margin of 7.5%. Revenue grew 19.7% year over year. It earns a return on equity of 39.2%. The balance sheet holds a net cash position of $268M. Fundamentals as of Aug 29, 2026

Our scenario range runs from $354.03 (bear case) to $685.33 (bull case); at $741.32, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 63% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −52% fair-value upside, at −26%, EME screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $19.36 per share, which is 3.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence $348.75 $568.66 $927.33 79
Growth DCF $350.37 $562.16 $904.30 77
Owner Earnings $390.77 $639.22 $1,044 75
All 26 models by family
DCF Models
FCF DCF best evidence $348.75 $568.66 $927.33 79
Owner Earnings $390.77 $639.22 $1,044 75
5Y Revenue Exit $354.29 $584.25 $887.75 72
5Y EBITDA Exit $378.96 $632.72 $939.78 74
5Y P/E Exit $404.60 $683.12 $989.03 70
10Y Revenue Exit $338.33 $552.28 $860.92 66
10Y EBITDA Exit $365.43 $586.85 $902.52 67
10Y P/E Exit $382.10 $622.80 $941.90 63
Earnings-Based
Graham-Dodd $194.33 $753.33 $1,022 64
Lynch FV $184.64 $263.77 $342.90 61
PEG = 1.0 $184.64 $263.77 $342.90 57
EPV $266.07 $306.26 $341.42 74
Dividend Discount
Gordon GGM $9.30 $19.34 $30.68 66
DDM Multi-Stage $9.30 $16.31 $20.30 66
Multiples
P/E Multiple $450.10 $600.13 $750.16 63
P/S Multiple $364.37 $485.82 $607.28 58
P/B Multiple $279.02 $372.02 $465.03 55
EV/EBIT $504.46 $664.29 $824.12 66
EV/EBITDA $432.53 $568.39 $704.25 67
EV/Revenue $367.19 $513.86 $660.53 54
Asset-Based
NCAV (Graham) $41.34 $55.39 $82.67 54
Growth DCF
Growth DCF $350.37 $562.16 $904.30 77
Rev-Margin DCF $354.29 $580.58 $856.93 72
Economic Profit
Residual Income $235.40 $386.89 $5,760 64
ROIC Compounder $284.98 $352.13 $428.53 72
Growth Earnings
Growth-Adj P/E $332.00 $474.28 $616.57 67

Widest divergence: DCF Models ($586.85) versus Dividend Discount ($16.31). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 24.9
P/S ratio 1.86 P/E × margin
EPS (TTM) $29.76 price ÷ EPS = P/E 24.9
Dividend yield 0.2% payout 4.4%
Net margin 7.5% FY2025
Return on equity 39.2% TTM
More key figures
Profitability
Return on assets (EBIT) 13.6% avg 5y
Operating margin 8.7% TTM
Growth
Revenue (TTM) $17.7B TTM
Revenue growth (YoY) +19.7% 3y avg +15.3%
EPS growth (YoY) +30.0%
Balance sheet & cash flow
Free cash flow $1.2B FY2025
Net cash $268M FY2025

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 66 · Market factors (momentum, volatility) 47

Profitability 76
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 43
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

EMCOR Group, Inc. provides electrical and mechanical construction and facilities, building, and industrial services in the United States and the United Kingdom.

Full company description

EMCOR Group, Inc. provides electrical and mechanical construction and facilities, building, and industrial services in the United States and the United Kingdom. It offers design, integration, installation, startup, operation, and maintenance services related to power transmission, distribution, and generation systems; energy solutions; premises electrical and lighting systems; process instrumentation; low-voltage systems; voice and data communications systems; roadway and transit lighting, signaling, and fiber optic lines; computerized traffic control systems, and signal and communication equipment; heating, ventilation, air conditioning, refrigeration, and geothermal solutions; clean-room process ventilation systems; fire protection and suppression systems; plumbing, process, and piping systems; control and filtration systems; water and wastewater treatment systems; central plant heating and cooling systems; crane and rigging; millwright; and steel fabrication, erection, and welding services. The company also provides site-based operations and maintenance; facility management and maintenance; energy retrofit; military base operations support; indoor air quality; floor care and janitorial; landscaping, lot sweeping, and snow removal; vendor management and call center; installation and support for building systems; program development, management, and maintenance for energy systems; technical consulting and diagnostic; infrastructure and building projects; modification and retrofit projects; and reception, security, and catering services. In addition, it offers refinery turnaround planning and engineering; welding; overhaul and maintenance; technical; instrumentation, controls, and electrical; electrical panel design, fabrication, and installation; on-site repair and maintenance; and renewable energy services, as well as design, manufacturing, repair, and hydro blast cleaning services. The company was incorporated in 1987 and is headquartered in Norwalk, Connecticut.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

EMCOR Group Inc reported revenue of $17.0B in FY2025 versus $9.9B in FY2021, a compound +14.4%/yr. Reported net income was $1.3B in FY2025, compounding +34.9%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$17.0B
Latest YoY
+16.6%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.1%
Avg. revenue growth/yr (31Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
+30.7% (30.5 + 0.2)
Revenue +14.4%/yr
FY21 $9.9B
FY22 $11.1B
FY23 $12.6B
FY24 $14.6B
FY25 $17.0B
Net income +34.9%/yr
FY21 $384M
FY22 $406M
FY23 $633M
FY24 $1.0B
FY25 $1.3B
Character of growth · EPS growth decomposed (2014-2025) +25.4 % p.a.
Revenue per share +12.7 %

of which total revenue +8.8 % · buybacks/dilution +3.6 %

EBIT margin +8.4 %
Tax rate +1.6 %
Residual (interest, one-offs) +1.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

EME screens 35% overvalued. Compare with Quanta Services, Inc →

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Cite: Fair Value Calculator (2026). "EMCOR Group Inc Fair Value". https://www.fairvalue-calculator.com/stock/EME

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Engineering & Construction · 816 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Top 25%
Fair Value upside −26% · Below median
Return on equity (TTM) 39% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 9% · Above median
Revenue growth 20% · Above median
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 24.9× · Pricier than median
P/B 9.09× · Pricier than 75% of peers
P/S (TTM) 1.88× · Pricier than 75% of peers
P/FCF 28.1× · Pricier than 75% of peers
EV/EBITDA 17.5× · Pricier than 75% of peers
PEG 0.41× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 16
FUTURE99 · sector 11
PAST100 · sector 26
HEALTH100 · sector 94
DIVIDEND4 · sector 39

VALUE 0: the price sits above our fair-value range.

Insider activity: 46/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

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Quanta Services, Inc PWR $620.06 $143.92 −77%
Vinci SA DG €114.35 €185.62 +62%
Comfort Systems USA, Inc FIX $1,615 $519.97 −68%
Larsen & Toubro Limited LT ₹4,072 ₹2,196 −46%
Ferrovial N.V FER €57.28 €19.17 −67%
HOCHTIEF Aktiengesellschaft HOT €426.40 €203.87 −52%
Samsung C&T Corporation 028260 373,000 KRW 261,411 KRW −30%
MasTec, Inc MTZ $241.00 $100.00 −59%
Bouygues SA EN €46.65 €65.67 +41%
Sterling Infrastructure, Inc STRL $460.03 $198.57 −57%

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Frequently asked questions

Is EMCOR Group Inc (EME) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of $549.47 versus a price of $741.32, about −26% upside (overvalued).
What is the fair value of EME?
Our model-based fair value for EMCOR Group Inc is $549.47 (as of Aug 29, 2026), built from audited fundamentals. The current price: $741.32.
What is the quality score of EME?
EMCOR Group Inc has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of EMCOR Group Inc (EME)?
EMCOR Group Inc reported trailing-twelve-month revenue of about $17.7B (latest available figure, as of Aug 29, 2026).
What is the net profit margin of EME?
The net profit margin of EMCOR Group Inc is about 7.5%, meaning it keeps roughly 7.5% of revenue as net income. Based on the latest reported figures.
Does EMCOR Group Inc pay a dividend?
EMCOR Group Inc currently shows a dividend yield of about 0.18% relative to its recent price (as of Aug 29, 2026).
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